The Egyptian Exchange (EGX) announced on December 28 that 734,600 shares from Eastern Company, Egypt’s main state-owned tobacco manufacturer, were acquired by investors, with the total purchase amount reaching 2.05 billion Egyptian pounds (approximately US$66.55 million). . This share purchase accounts for 3.3% of the company's total share capital. Currently, Eastern Company owns a total of 2.23 billion shares.
Oriental companies have always been an important target for foreign investors investing in Egypt. It is currently listed as one of 35 companies the government plans to privatize partially or fully. In November last year, the UAE's Global Holding acquired a 30% stake in Oriental for 16.4 billion Egyptian pounds (approximately US$530.86 million).
After the transaction is completed, the company's remaining shareholders include the state-owned Chemical Industry Holding Company (accounting for 20.9%), the Allan Gray Equity Fund (accounting for 7.2%), and the shareholders' meeting of Oriental Tobacco Company (accounting for 6% ), and free-floating shares (36%).
